Havven Raises $30m for USD-Pegged Stablecoin Network

February 28 marked the beginning and the end of a successful public token sale for Sydney, Australia-based Havven. The company, a decentralized payment network powered by a stablecoin, enjoyed a crowdsale that raised USD 4 million in just thirty minutes before hitting the total initial coin offering (ICO) hardcap of USD 30 million. Sixty million havven tokens will be distributed from the sale; ultimately, the hard currency will circulate 100 million tokens total.

Monday capped an ICO that saw intense interest from both inside and out of the the crypto world. Earlier in February, the company raised USD 26 million from a full masthead of institutional investors, leaving only 1.2 million of the ERC-20 tokens to be distributed in Monday’s crowdsale. With over 25,000 people reportedly registered for the whitelist heading into the sale, according to a company blog post, it was always going to be short work to raise the final amount.

Havven also launched an airdrop of 1 million tokens on Feb. 4.

With funding in hand, the project’s next step is to launch the platform. A company blog post assures investors that a minimum viable product will go live “certainly within a week” of the sale’s completion.

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After that, the team will gradually develop the project towards its intended maturity: a payment network that balances two tokens on the same blockchain. The goal is to peg one stablecoin, the nomin, to the US dollar, by backing it with another cyptoasset, the havven. Nomins’ liquidity will essentially maintain the value of havvens, the stability of which will in turn stabilize the nomin.

CEO Kain Warwick said, in a statement, that his project is a necessary evolution for crypto. “Without the same stability fiat currencies offer, [crypto] currencies could not be taken seriously, especially not for everyday adoption. Havven’s platform is offering both: the investment benefits of a digital currency, and the possibility to truly embrace the crypto economy into our everyday lives.”